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What’s Up with Bitcoin Cash These Days?

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Ever since the cryptocurrency market is down, many altcoin giants have dipped below their lowest mark, setting a new record. Bitcoin is currently showing some signs of recovery but it seems rather slow and insufficient to help the market and other cryptocurrencies to get back on track. The effect on Bitcoin Cash is evident as its individual price touched $709 yesterday due to Bitcoin’s situation.

But unlike its core project, which it claims to outperform in every single aspect, Bitcoin Cash team and community is clearly trying to retain its position as the most successful fork of Bitcoin. Within the past few months, the platform whose sole purpose is to be traders and merchant friendly, and also to expand its usability across the world, to become the most preferred mode of payment, has gone through a lot of ups and downs. Let’s discuss where it is heading to! And what did you miss in the past few days?

Bitcoin cash being Threatened by a Stress Test

Bitcoin Cash recently hit headlines for being in a threatened position. The latest reports say that a notorious group of anonymous developers, who are known as BitPico, and whose primary responsibility is to test the integrity, performance, security of a blockchain, have issued an announcement on 22nd  June that they are evaluating Bitcoin cash network this time around. As a result, the Bitcoin cash network will be entrusted with transactions of bulk volumes. Apparently, this was an extreme stress test suiting Bitcoin cash but it had another extremely important goal as well. The other goal, according to BitPico Twitter was to test whether Bitcoin cash is truly decentralized or not. The original tweet indicates that the method of the test was most likely a full-fledged ‘attack’ on the network by excessive operations or DDoS attacks.

Bitcoin cash Added as Payment Option for Luxury Items

When fancy, world’s leading luxury e-commerce platform announced the addition of Bitcoin Cash as a payment option to their site, its immediate effects were easily noticeable on the BCH markets. Fancy is widely recognized for its high-end collection that comprises of a volleyball court, BBQ boats and other such lavish goods which are showcased on their website for their celebrity and other aristocratic clientele. Because of Fancy’s new payment option, BCH will now be available to all the big spenders all over the world. Fancy’s e-commerce site previously came all over the news for severing ties with Coinbase and switching to BitPay platform because the former has changed its merchant services back in May. As far as Fancy’s link with cryptos goes, it has been Bitcoin-friendly since the year 2013 and now adding Bitcoin cash to its existing mode of payments can only be interpreted as an encouragement to its markets and community in the current situation where crypto enthusiasts were waiting for a positive sentiment to go on.

It is being said that this new crypto addition took place because of switching to new payment processors (BitPay). Since fancy requires to process instant cryptocurrency conversions to US dollars, they had to shift their preferences and go with BitPay which is more suitable.

Bitcoin Cash OP_Return Data Gets 3 Applications:

When team Bitcoin Cash launched OP_Codes, their primary goal was to bring overall improvement to the Network Platform and also grab the attention of blockchain-based developers from all over the globe. By using the OP_Codes and making use of Bitcoincashers.org, developers can now create and comprehend applications and functionality. The Bitcoin cash network upgrade has been active for over a month by now and evidently it has helped thousands of developers to create platforms as well as extensions that utilize the OP_Codes and the OP_Return updated transactions. One of the examples of such applications would be ‘Chainfeed’. It’s a real-time global newsfeed displaying tool that works with Bitcoin cash. It allows users to share the data site and information with direct shareable links which can be bookmarked as well.

Other similar tools would be read.cash and also the _opretum Twitter bot. Their functioning is same as that of Memo cash platform but the only difference is that they use Twitter API.

Current Market Position:

At the time of writing, the individual price of Bitcoin Cash is approximate, $710.12 according to the data on CoinMarketCap. It is ranked as the 4th largest cryptocurrency of the world after securing a gigantic total market capital which amounts to $12.2 billion. Bitcoin cash price is currently on the rise by 1.56% and around $3.25 billion worth of BCH has exchanged hands within the past 24 hours.

Conclusion:

Almost all through this week Bitcoin cash and its core project also its arch nemesis i.e. Bitcoin has been bleeding all over the cryptocurrency markets. Bitcoin prices have been sinking along with all altcoins which stirred a sort of panic that’s called FOMO among all crypto enthusiasts and crypto investors. The Bitcoin cash community is waiting for a situation similar to late April when the prices were at its peak compared to its previous records. Even now it seems as though sellers are in-charge of the current situation. All we can do is wait and watch when the ice breaks and Bitcoin markets try to leap forward to stabilize the overall cryptocurrency markets and favor Bitcoin cash.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of BTC Trinkets .com via Flickr

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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